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france should give itself more leeway to meet mission targets. the company's 3% of gdp with more pressing -- than cussing excess from public finances. the imf has warned against more tax hikes warning these could further restrict growth. he says it's built a bit of momentum, but still needs to do more. >> france has to reform. france cannot -- that can avoid reforms. it can be again reforms which might be different. but we need to reform. let me say that from that perspective, the recent decisions going the right direction and i think that the government has understood the need to help companies create jobs. so what is important is that this momentum is there going forward. i mean, the momentum, positive momentum regarding the negotiation between the trade unions and the corporate buddies to give more flexibility to the labor markets, to give the ability for corporates to adapt more quickly. it's very important that the government complies with reducing the budget deficit and reducing public spending. we have too high level of public spending. and if you reach the level of taxes is too hi
to france and the u.s. for help against a rebel coalition that has vowed to topple his government. france has declined to intervene against the rebels who have already taken several towns and are now advancing on the capital. >> heavy snow has paralyzed large parts of eastern canada. in montreal, traffic came to a virtual standstill. police are telling people to stay at home, as some areas are expected to receive almost half a year of additional snow. well, we are going to a short break. after we come back, we will look at europe's crisis year 2012. >> we will find out how it will be a year to forget for one of germany's top swimmers. stay with us. >> welcome back. in just three days' time, we will be seeing up the old year and welcoming in the new, but before that, we will be taking the chance to reflect on some of the main events of the task 12 months. >> in europe, it was all about the debt crisis. greece and spain were the worst hit. >> eventually, it was the european central bank's controversial bond-buying program that manage to come down the markets -- calm down the markets. >> ger
situation. one part of europe is doing very well. germany, france, northern europe, generally speaking. italy, spain, portugal, greece and ireland, hungry are in terrible shape. serious terrible shape. and because some folks don't pay attention to numbers, here's a chance for a statistic to help. students of mine, professors who came to the united states to study the universities where i taught. now professors at the university of acton, major universities increased. today their salaries as we speak are 40 percent less than what they were in may of 2010. try to imagine yourself in a job that you've kept in which the money you get every week is 40% less. police, fire, school teachers, social workers, you name it. .. governments in france and germany have been very frightened since they too are facing an economic crisis and they too are trying to solve it by making demands of their people to pay for something we come in to. they have chosen to use a very dangerous strategy particularly warm germany and the strategy goes like this. we the government are your friends, you the german workin
be involved. france on the other hand -- france and spain leading the charge, saying that this must be done now. financial markets are being very good and not panicking, but if they see continued failure of eurozone finance ministers to agree to this, we might get the restoration of finance of duties, which of costa much trouble in recent years. the deadline for agreeing is no overarching bank advisory super body is meant to be in place on january 1. it does not look likely, and a lot of frustration at this meeting today with the sides deeply divided and no sign of agreement. that, of course, is the basic issue -- why has there not an overarching supervisory control? precisely because it was difficult to do then. the eurozone crisis highlighted that failure, and we've still got the same problems blighting the regular meetings of finance ministers. >> despite the eurozone crisis, german exports are still robust. >> we will have the latest on the german export data later on in the program, but first, in britain, the duchess of cambridge is said to be feeling a little bit better after spending
is the circus. one family in france is one of service performance. they call their show the gypsy service, and they combine traditional acrobatics with the bittersweet melancholic tunes of nomadic life. >> he begins the day with music and the bible. like many roma, he is a devout christian. >> the word of god brings peace to my heart. i believe god gives me strength and the talent to play. it was a gift from heaven. i never had any musical lessons in my life. never ever. >> the circus man's are parked at the edge of the city along the river that divides rich and poor. vasily is proud to belong to what is called the traveling full. this is the circus director, although he says titles mean little to him. decades ago, he found it an old school style traveling gypsy service. he uses the term gypsy, and if that is a provocation for some, he does not care. >> we are like the indians and the amazon or nomadic peoples. there are no less the world over, and everywhere, they have a bad reputation. everything is done to make nomads put roots down in one place. >> he says that is just what has harmed
the france where the thinker quarter gdp is showing growth of less than 1 is% for the whole 2012. stephane pedrazzi joins us now from paris. stepha stephane, not a great set of growth figures for france. >> no. that's because of the fourth quarter. now a contraction of 2% of gdp is being tracked. it believes the economy will improve marginally next year. its target, 1 mers increase for the first and second quarter of next year mainly because of flat consumer spending. you know consumer spending is the main growth driver in france, raising the prospect of the weaker expected growth next year again. the officials target for the government is at 0.8%. we might be below this target and if that's the situation, the government will need to find additional resources of budget cuts. this morning, the french president confirmed the deficit target of 3% for the next year. he also said that the unemployment rate should decline at the end of the year even if the next year will be a difficult one. in the meantime, french unions, and employers have decided to extend negotiations from competitive net in
the economic outlook amid uncertainties in europe and china. >>> some encouraging words from france's central bank chief about the eurozone economy. he says it's gradually regaining market confidence. bank of france governor christian noyer spoke in tokyo on monday. he said concerns over europe's debt crisis have now eased somewhat. >> the ures financial situation has improved over the past few months. long-term bond yields are long-term bond yields are falling sharply in spain, for instance, and showing positive signs, among others, that point to a gradual return of confidence to the euro area. >> noyer noted borrowing costs for spain, france and other countries in the region have declined that he pointed out is due in part to a european central bank program to buy bonds of debt-ridden nations. the governor also said a stable bond market is necessary for every central bank to implement effective monetary policy. >>> most nuclear powers plants in japan are offline after last year's disaster. another energy-saving campaign is now under way to avert power shortages this winter. the government a
quarter. the eu, banking -- things like nap but, again, still down. >> not great news for france if we start to look at some of the indexes. there's a lot of focus on this economy. >> exactly. and the weakest spots, given that it's the second largest economy. now, we did see that return to growth for germany, which is a positive and will be a good gain forward. but say order box, very weak. demand, very weak. business confidence very weak and this is going to be hitting activity indicators going forward. >> even though the manufacturing side of it disappointed, the services was stronger. while services is a big part of the economy, it's where we're trying to see the rebalancing in the german economy happen. from that point of view, probably a rather encouraging development. >> it is interesting. it's also very exportwise. what we saw on these numbers was german exports falling sharply again. and this is just signaling that global economic conditions, soft patch very weak, particularly for the region -- i'm sorry, within the eurozone itself. >> and it's consistent with the weakening glo
cementmaker dipped to restructure its european operations. they could put charges of over 500 million francs. carolin has more out for us out of europe. >> hey, ross. let's take a look at the market reaction. initially, the reaction on the markets is quite subdued. now accelerating its declines, off by 7.1%, the second worst decliner on the market. let's come back to holcim. it is responding to the sluggish construction environment in europe and that is why it's restructuring its european operations. it is taking a $440 charge on write-offs for property plan and equipment. on top of that, it sees an additional 1100 million swiss francs in costs for the fourth quarter. so the overall hit to the fourth quarter will be 500 million swiss francs. it does say that the rebound will save around $120 million swiss francs annually. but overall, analysts are surprised about the size of the additional write-offs that will be booked in the fourth quarter. but holcim is trying to reassure investors this morning, saying there is still potential for a dividend payout for 2012 but that decision will be taken
it. they said it would drive away france's wealthy population. joining me now on the phone from paris is katherine fields. she is a correspondent for global radio news. katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in t
drive away france's wealthy population. joining me now on the phone from paris is katherine fields. she is a correspondent for global radio news. katherine, why was this tax overturned? >> it was overturned because the court said it failed to rec recognize equality before public burden. what this means is it has been applied to individuals rather than households. the court knows this top rate would have applied to a married couple, for example, if one member was in that upper income bracket. well, if it turned just under, then the 75% rate would not apply. in essence, this was thrown out on a technicality. if was a poorly worded law that just didn't pass the constitutional barrier. >> you know, it is kind of confusing. the president actually campaigned on this75% tax. what happened, and will he try to get it reinstated? >> you are quite right. he made this a key platform of his manifesto. he has gone all out on this, and he even dressed up the tax as an act that the way france's rich could help during harsh economic times. he has not backed down and in fact in the last few hours the off
firmer agt the dollar. this is bank of france governor says the city of london should no longer be the main trading hub. is he whis links in tling in th is it doable? >> i think if you look at the figures they speak for themselves. at the moment 40% is actually this london compared to maybe 3% in france, 2% in germany, and it's not just that london dominates, but that the long term trend is actually away from france and germany and towards london. so a tough challenge for the ecb. >> so even if eurozone banks -- i suppose can they lean on eurozone banks to move their trading floors to paris and frankfurt. i don't know. >> that's true. and the fact is with currency, it's not just about trading the euro, it's what you trade on the other side, as well. london is the center for fx liquidity. that's the way it is. so the direction of things is not favoring anybody moving their trading floors towards mainland europe. >> fair enough. so what happens to the euro? we're sort of near a range high here at the moment. and how much problems are there going to the at 1.3050? >> it's an intere
in swiss francs. but because we are, again, operating in so many countries, having local costs, local currency costs as well as local currency revenues, we don't have any dilution of our profitability because of the strength of the swiss franc. so, actually, the more the swiss franc appreciates, you know, it has absolutely no effect on our profitability. it has an effect on the translation standpoint that it's stronger on the basis. >> okay. some interesting points. i think what's interesting is when you come here, we got a meeting today, kelly, of the account and they're going to approve pakistan later. but working on the bits of the doha rounds. one of the things that's going to be interesting is particularly the supply chaines and global exports. that's one of the things they think they can get pretty good progress on. for example, good at a port. why does the kaber have to be held up for sort of a week or two weeks and not put straight into the country? a lot of international countries saying that's a bigger hit on earnings than 1% or 2% in duty. it's getting this in the increasin
concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the
-- and increased focus on the origin of the food served. the recipe for this buckwheat pancakes is from france. the organic eggs sourced locally. regionalization and globalization at the same time. the finished mulled wine index is steadily climbing. more sophisticated, source will feel right at home here. the one-euro entry price will not be much of a financial setback to anyone dining here. a one-star chef serves gourmet specialties, and the dancers are a far cry from a traditional manger scene. not to mention the products. this necklace costs 480 euros. or how about an ivory tusk from an extinct mammoth? the specialty products for sale make the markets popular with international customers. >> a lot of things are handmade and not chinese. >> we have one in manchester. i wanted to see what the difference was. much better. >> christmas markets are a big draw for tourists and locals alike. this year's offerings are sure to delight a variety of pallets and budgets. and if there was any doubt, winter has most definitely arrived in germany. >> oh, yes, it has appeared the first bill falls in the c
:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination but more money is spent in the u.s. and central america is now a star performer. first, we want to get the latest news. looking for confidence out of germany's ifo survey. if we can put it up on the screen, that would be a help as i'm working to get it up at the moment. as soon as we get the numbers on that front, i will bring them to you. looks like we're still waiting on that. in the meantime, send in your thoughts, questions and comments about the program to worldwide@cnbc.com. and the biggest news of the morning, we have a deal. after 14 hours of talkes and months of negotiations, an agreement has been reached on a pan european banking supervisor. european finance ministers say they've drawn up plans to allow the ecb to directly supervisor the three largest banks in each country except for the uk and sweden which have both opted out. european leaders need to give their seal of approval and silvia wadhwa is in brussels with the latest. sylvia, it sounds like the meeting
. in france, one village has been sealed off by police and surrounded by journalists after rumors spread that the local mountain would prove a safe haven. the locals fear an onslaught of new wave survivalists. >> we don't think the world this point and. >> you came here just for the fun of the story? >> famous journalists come to meet some crazy people. it might take more than a ufo to survive this if it turns out that the mine's ore right after all. mayans were right after all. >> -- was a painstakingly written by leonard cohen for his recording company. since then, it has been recorded it many times. what did he do to make the song so popular? this has risen from obscurity to one of the most famous tracks and modern music. >> the song starts completely off the radar. there are now 360 something recordings of songs around the world and the song was turned down by at leonard:'s record company has become perhaps one of the most popular songs of his generation. i'm the author of the holy or the broken, leonard cohen, jeff buckley, and the unlikely ascent of "hallelujah." it is always hard
, they were the uk and france in joint plays. >> i was hoping maybe the uk would get an olympics boost, but it appears to be still trailing italy by quite a ways. but there were no italian locations in the most instagram places until the world. six california locations made the list. and the top two places most snapped and shared on instagram may surprise you. they were the shopping mall in bangkok, thailand t b, and the sunni's airport. >> where is your top place that you would like to go, christian? >> i think i go with the americans here. i think it looks most likely that we're going to be in italy. >> i thought you meant he were going to the americas. but that's all right. >> i'm going with the americans will be. >> where in italy? >> sicily. sicily looks -- first of all, it's some place i've never been. in london any time of the year but certainly in summer. >> are you an instagram user? >> i am not. >> where do you want to go, kelly? >> in 2013? >> yes. >> i suppose i get around to see more of europe. i would love to go to russia and see moscow and st. petersburg. >> don't go in
>>frank: francs. this is on the libor manipulation charges. ubs must pay swiss regulators $59 million in profits because the regulator can't fine ubs. the fine from the fsa is the biggest ever, 160 million pounds, $1.2 billion will go to the u.s. regulators. so the second biggest fine that was ever handed to a financial institution. of course, following that $1.9 billion fine that was given to hsbc. what we do know is that the company is admitting criminal wrongdoing in its japanese arm because, you know, around 30 traders worldwide had manipulated the yen libor between 2005 and 2010. the ceo speaking this morning says, you know, despite the troubles in the japanese arm, he does not believe that there's -- the bank is going to be shutting down the operations in that country entirely. saying that 30 to 40 people have already left the bank. they also gave us a bit more information on what kind of impact this will have on profits. they see a fourth quarter net loss of around 2.5 billion swig franks. a full-year profit of 2.5 to 3 billion. and the most important part, why shares are trading up. they
roughly speaking in the likes of italy and france and actually grew for germany. then in q4, it seems that there is a greater degree of destocking i think, materializing. i think that is going to lead to some weakness on the industrial production side and it does appear that the austerity is very much perceived by household and by service sector companies. and that explains this relatively soft data. it's a sign that really we are still in a period of multi-year major fiscal entrenchment and at the same time, we have a very cautious perspective towards taking on debt. both by the suppliers and the demanders of that debt. >> julian, very briefly, will we see more qe? will we see any more next year or not? >> well, it will depend, i think, on how things develop. on our baseline forecast, the answer to that would be no because we are looking for recovery coming through really reasonably significantly from the first quarter of next year with .4% quarter on quarter. >> julian, thanks for that. always good to see you. julian kelly joining us from barclays. which country is more corrupt and
with what's happening there. >> okay, rick, huge in france. we know french economy not that good. women want to make some money during this period. france is strong for you. >> we've grown, almost doubled the company in the last five years in france. we're the biggest company of our kind in france. we're the largest seller of cookbooks in france. we had some issues the first two quarters, during the election, as you know, most of the consumers sat on the sidelines. we're starting to see it come back to life again. so we feel very good about france. ditto germany. >> isn't that incredible. >> rick, 52-week high when compared to avon. incredible. thank you so much for joining us. >> good to be here. >> good to see you. >> all right. stay tuned. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to ge
the swiss franc. let's show where you we stand with oil prices right now. we've got nymex trading at 89. present at 110. both of them fairly steady. what about the outlook? joining us is peter hunt at rbc. peter, good morning to you. so does oil stay in this sort of recent ranges for the foreseeable future? >> actually we think it is. it sounds like sort of the risk of complacency. something we challenge ourselves on quite regularly. but given the points about china demand and global gdp, we're still very cautious in terms of demand, but the issue for the oil markets is supply and there are still big movements going on there. i think over the last three months, you've seen a really sharp fall in the output from iran. that's down below 3 million barrels a day for the first type since at least 2000. a lot of those volumes have been physically made by increases in iraq. but while they can make up the volume, they don't make up for the sense of instability. and i think as long as you have iran producing around a million down from a high of 4 billion only in 2008 and still needs to generate
wine. you get in a car in paris, go 90 miles east and you'll be in a beautiful park in france. but they're not the only people and place you can get sparkling wine from. i brought five fantastic sparkling wines. it's a party now. they come from different places in the world where sparkling wines come from. they're all $20 or less. you don't need to spend a lot of money to have a lot of fun. >> let's go through them. cava from spain is $9. i drink a lot of that. >> this sounds like a law firm in barcelona. some of the most amazing sparkling wines and values come from spain and it's only $9. it's made like a champagne but doesn't cost lime one. >> how much is that? >> it's $12. it's absolutely a party in a bottle. >> if you go to italy, whether you're in rome or venice, you'll see literally everybody on new year's eve walking around with it. this is a very good one. >> and then a sparkling wine from australia. >> it's unusual. >> yeah. i've never heard of that. >> people think of australia gives us chardonnay and others. this is jacob's creek. ice made exactly like a champagne, chardonnay
will have an opportunity. >> i think, though, of france. would you stay in france? >> of course we will. >> you see people moving out of france. >> we can have opinions about their policies. i think they're doing some things that are counterproductive, by the way, that they're finding that way. the government is a huge part of their gdp, decision making is not really marketing. there's unintended consequences of their policy. for example, if you cannot shut down a poorly performing or money losing factory, what effect will that have on somebody who might want to expand his or her business? if you know that you can never -- if you know you have a liquidity -- illiquidity and can never get out of a position, are you much less likely to go into it? sure. the ramifications and consequence of their policies are starting to be felt there now. we're not going to get out of it. it's a big gdp. we're very active there. some of the greatest companies in the world are french companies. >> i asked this of jamie, and it's an important question, given some of the reputational hit that goldman took ov
be if this is the top. certainly you saw money moving to the safer area of the bond market, for example, france, so the prices rose in france and it pushed the yield below 10%. there you go, pushed the yield on the ten-year below 2%. that rally to the core, france and germany, as you might expect. as far as stocks are concerned, generally we're stuck below horizontal resistance on the dow jones stock. if we break above that, it could be significant. ? we fail it could be significant. earlier in in china on the comment we got from the new head of the communist party, you have the best gains in three months on the chinese market. that fed automatically into the miners in europe. there has been some selling into it, but still broadly they are still higher. i do want to mention a couple corporate stories. apple is clearly down, margin requirements are being raised on some of those -- for some people who are extending apple shares, but nokia has had a very good day today. it's launched two phones, one priced at $249 to bring it light slid lower price for most people. most importantly launched a phone in
. greece unveiling that $10 billion eurobond buyback. a 52-week high in france and germany. our road map this morning begins in washington where fiscal cliff negotiations according to the "times" has "collapsed." at least for now. with less than a month until the deadline, who blinks first if anyone? >> goldman takes dell from a strength to a buy. is it time to look at the stock and maybe even other players in the beat up personal computer sector? >> manufacturing data out of china. not bad. 50.6. that's the highest in seven months. although shanghai again trades lower even europe's pmi improves a touch in november. first up, we're one month away from the fiscal cliff and so far the white house and congressional republicans are still in disagreement over how to reduce the deficit and avoid a raft of tax hikes and spending cuts. yesterday our own jim cramer and maria bartiromo were on "meet the press" and cramer had a message for fellow panelists and father of the anti-tax pledge, grover norquist. >> most ceos are republican. they're on board. they're not on board with you. they're not on
it on the revenue side. otherwise we're going to be looking at tax rates that would make france's new socialist government blush. you can't get there from here. >> i'll tell you something, jeb, i'm a stock guy. just like you, you don't want to talk about taxes. let's forget about this whole tax side. i want three ways to cut spending by $500 billion right now. how about we take social security up to 68. how about we slash medicare benefits? and why don't we cut the -- the defense budget? why do we need people in europe? why do we need them in japan? what are we doing in decree california? i want some answers to this. >> well, go to the web and look for the republican budget. that was written by the chairman of our budget committee paul ryan. you will see these savings -- >> 30-year, 40-year plan. i want to know what we can do -- >> well -- number one, defense has already been cut. we can debate how much it should be cut further but it has already been cut. i mean that's just a fact. >> but we added -- >> -- defense on the republican side. you have that global war turf. -- good idea. >> say agai
is set to open below 13,000. markets in europe mixed after a shortened session in the uk, france and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if thi
in the world. france, 2.08. the u.s., 2.06, ireland, 2.01. in red, they're looking at next generations that will get smaller and smaller and smaller. the uk, well under 2. china, 1.55. we know they've actually implemented policies because they want to control population. in the bigger picture, fooling around with mother nature in this way could have hugely negative consequences. russia 1.43 and germany, 1.41. at the very bottom of the list, other than certain countries where the information is not available, the bottom of this list was singapore at .78. i know we're dealing with so many issues nowadays and i blow a gasket over many of them, whether fiscal cliff, unfunded liabilities, at some point, growth is the answer. when you start considering where the engines of growth have been and what their population declines may be, it makes one wonder, where is the horsepower from global growth will come from and this at some point needs to affect the picks in your stock portfolio. back to you. >> rick, i'll take it from you, rick santelli. >>> even starbucks is worried about the fiscal clif
before the house gavels in at 2:00 p.m. eastern. [applause] >> ladies and gentlemen, france, -- friends, this is a singular honor to be a guest in this temple of civic life. thanks to all the good people for making this possible, to my publisher, the staff that are manning the barricades outside. my novel is debt crisis and the future of the world economy. i will be arguing that there is no such thing as a debt crisis. there is no debt crisis in the united states of america and europe, and there is no such thing as the debt crisis in my own country, which is nevertheless being consumed by debt. you know the joke about balloonist. the balloon has been blown off isrse, and at some point they no such thing as a debt crisis. manage to gain control of the balloon and lower it above a farm. the farmer comes out and looks up at the balloon and one of the balloonists says, excuse me, sir, where are we? and the farmer says, you are in a balloon. the balloonist says, he must be an economist. precisely accurate, and hopelessly useless. [laughter] we have a doctor here amongst us. imagine if you ha
rates is unten nabl. i mean, we're not talking about raising tacks like france from 75% to the top rate. we're talking about 39.6 and let's be honest, with other loopholes and deductions, it's going to be a lot lower. at the end of the day, you cannot deal with the fiscal situation that this country faces without raising taxes and revenues. it's simple. >> we're only bringing in 17%çf the gdp and spending 23 or 24. >> 15 1/2. >> i've got a new number. are you sure that's the recent number? >> anyway, we're not bringing in enough revenue. et ironic thing which makes us different from greece in this regard is a lot the dysfunction nalt is alarmingly familiar. if we go over the cliff, we resolve too much of a debt situation all at once, unlike greece where they are today, interestingly, if you actually go over the cliff, you get on a budget path that's a far more sustainable than the current one, we do it much too quickly. >> except if you go over the cliff and given how tenuous this economic environment is right now, the message it sends to business leaders, employers, this place is not
, you did a little preshoot. and where you went up into the mountains in france and did 24 takes of singing at the top of his register in freezing conditions and wooden clogs. and the crew came back and they just said oh my god it's one of the most powerful things i have ever seen. at that point i relaxed and said i know there is something to this. we are going to be fine. >> i have been thinking about that question that you asked, anne because all the actors went through it and i'm a sports followers, so it is that thing of, it's not like you can, can i do it, can-- all of that. at some point you have to come to peace with that. but it's can you be at your best at the super bowl, or as a hundred meter runner will you run your best race at the olympics or maybe was that grand prix event six months before you will find out was a much better time. so it is the pressure you put on yourself because these opportunities come along once in a lifetime. people like this don't exist very often. and they rarely get the opportunity to make movie muse calls. so you just, and because we were l
it in france. they just did it in spain. they just did it in the u.k. >> they did it in greece. they raised the added-value tax four times. it's devastating consumer spending, and we're heading down the same road. david: larry mcdonald, new edge senior director. good to see you. thanks for coming in, appreciate it. sandy? >> ford recalling nearly 90,000 vehicles. did your car make the list? we've got the details coming up. >>> plus, the chances of falling off the fiscal cliff, it's not stopping one top money manager from buying. bob doll, he sells us where he's putting his money to work now. that's next. there is no mass-produced human. every humabeing is unique. and ther one store that recognizes it. the sleep number store. the only place in the world u'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. dual warmth comforters. all designed around the sleep number bed: a bed with dual-air technology that allows you adjust to the suppo
the truth about the senate. namely that when jefferson had been our ambassador to france in the constitutional convention, came back, sat with washington for breakfast and asked what was the deal? why did you do the second bicamera body? the senate. did you cool the coffee before drinking it? of course, my throughout is not made of brass. even so, we pour it in a saucer to cool it. the house is made for speed, shorter term, two years, make sure closer connections to the electorat, smaller districts, a little more coraltive, but the senate was made to be a break. it was made as a speed bump, and, often as a dead end. the seeds of the filibuster were planted in the constitution itself. when they are unable to shut off debates, and when the first filibuster did not occur until 1837. cloture was established in 1917, the two-thirds of the vote. during the presence of the filibuster in the period was hugely significant on how the senate went about its business. it was the sword above the chamber in all that it did forcing compromise to move legislation. the filibusters were rar
. hong kong 52-week high. german 52-week high. france 52-week high. bombay, india, 552-week high. not a lot of rosy news out there, i know it sounds word to see all these stock markets with 52-week highs. there's not a lot of good news, and yet, still, we get record yields. we had a french bond auction, i don't normally talk about the french bond auctions, but i have to note, 1% on a six-year? record low yields, 1.27 low on a 7 year. the 15-year they had was record lows. we have this poor outlook, we still got the bond market flying, prices are way up here, the ecb's got everybody's back. a remarkable move in europe, a lot of people have been wrong and betting against him and been wrong. and a key point of course is central bank activism all over the world is helping prop up bonds and stocks, bank of japan, bank of england, federal reserve, the ecb, everybody out there has basically got bond investors back at this point. important thing moving on about the fiscal cliff. the biggest story passed around here this morning was the politico article where they finally put a name on mak
. shareholders have agreed on a deal designed to make the eads more independent and will hand germany and france an equal 12% stake in the company. and timothy geithner has told the cnbc the swhous ready to go over the fiscal cliff if tax rates on the nation's wealthiest don't rise. dag gri announces the rate decision later about plus apple shares still down in frankfurt. and its shares of the chinese market drop in the third quarter. >>> deutsche bank has hit back at allegations of financial impropriety brought by three former employees. according to reports, the ex-deutsche workers have launched a complaint with u.s. authorities alleging the bank failed to recognize $12 billion in unrealized losses at the height of the financial crisis. they claim improper accounting on the part of the deutsche bank enabled the lender to exaggerate its capital position. and citigroup plans to shed 11,000 jobs around the world which equals around 4% of its workforce. some experts say this is part of a strategy led by their new coe who took job in october, however others say it has the finger prints of chairman
says it's looking to try to have the france telecom company buy assets from alcatel which, of course, burning cash is struggling if the french government is able to arrange this, by the way, it won't make a huge hit. it will amount to $100 million, with an m, or so dollars. maybe $100, $150 million dollars. those shares, nonetheless, they have been beaten down, about 3% higher in trade this morning. quick check on the bond space. today we are seeing a give back after the rally we saw yesterday. yields, though, roughly unchanged from levels we saw just 24 horse ago. 5.3 and about 4.4% respectively there. and we'll get into more on stability. forex, the euro/dollar has been in focus, giving its strength over the last couple of trading sessions. today, largely unchanged. 1.3228 is the level there. dollar/yen is in focus. it's giving back about .6%. the bank of japan came out with more quantitative easing, perhaps talking about a higher inflation target going forward. >>> coming up on today's program, we'll head out to new york and take a look at housing figures in the u.s. it looks like
, and madrid in the middle of it here. okay. so from here, where's rome? i thought, a little bit of france, through the italian boot and rome there. rome is basically due east of here. i think is he putting me on or what? tomorrow i'm going to amsterdam, so where's that from here? i sketch in on a napkin. i wish i saved the napkin. i sketch on a napkin northern europe more or less, and i say, he's amsterdam. it's basically northeast of here. then he asked me -- i just couldn't believe it -- the last question was, and, okay, and so from madrid, where's the united states? i thought -- i looked at him, and i said you got to be putting me on, pulling my leg, this is not real. he meant it. i drew sort of like maine and florida, and, you know, to the west there, and then i put waves. he was in spain. this is spain, and the united states, and it was just -- it was just so strange. here was a man who was unbelievably intelligent and, as i say, in what he did, not only a very great man, but a man of genius, really. i don't know if we've ever had a greater speech than the "i have a dream speech" in
. in france, the cac up by about two-thirds of 1%. in germany, the dax up by 0.4% and ftse in london is up by a quarter percent. in asia overnight, you did see the hang seng down by about 1.2%. shanghai composite down, as well, down by 1%. in consider rea, the kospi up by 0.6%. oil prices have been a little weaker. down by about seven crept cents. and ten year note yielding 1.61%. that's been stuck in a tight range for quite a while. take a look at the dollar this morning. you'll see the euro at this point is still above 1.30, 1.3029 even though the dollar down across the board. dollar-yen at 82.10. gold prices this morning are up by about $8. as the fiscal cliff approaches, we're wondering what we can expect from the markets. our guest hosts again barry knapp and richard bernstein. barry, you're concerned about the direction the talks have taken. >> yeah, it's interesting as i actually traveled through europe last week, there is all this focus on the timing of getting a deal. but there is not nearly enough focus on what does the deal actually look like, what's the composition of the deal.
that right now there are modest gains there. in france, the cac up by about 0.7%. much more modest gains. ftse actually just about break even at this point. germany, the dax up by about 0.3%. in asia, you saw the hang seng was up just barely. korea was up just barely. the shanghai composite was up by close to 0.8%. and nikkei down by about a quarter percentage point. oil prices this morning pulling back a little bit. down another 33 cents to $88.76. yesterday we did see oil cross above $90 for the first time since october 22nd. ended up down at about $89. but crossing early in the morning above $90. the ten year note at this point yielding 1.639%. i feel like we look at the same board board every morning. euro still up above 1.30. the dollar-yen at 81.99. and gold prices this morning slightly lower. down by about $15. $1704.40 an ounce. kevin ferry at the cme, kevin, we are watching the fiscal cliff every single day kind of watching negotiations as they play out. maybe that's not the wisest thing to do with the markets. what are the things that are popping up and have you thinking about
at this hour, there they, they're all down. not great in france, but germany down about .7% and the ftse down fractionally. other news out of europe, debt tieback for from an day to receive additional buyback offers. those would be at deeply discounted prices and that would help lower the country's debt lead. >>> in asia, stocks touched a 16-month high and closed mostly higher on the session with good gains, as you can see, with the kospi up the most, 1.5 points. >> strong nebs out of china which suggest maybe the economy is rebounding more than expected. >> the exports. >> yeah. >> among the catalyst in asia trading today, economic stats out of china. export growths slowed sharply to 2.9% in december. that news j underscores the global headwinds dragging on the economy. but the chinese economy is showing solid signs of a pick up in domestic activity. industrial output was stronger than expected. the country has been saying for years it needs to shift a little bit from the export model the internal consumption. let their middle class grow and not be nearly as dependent on exports. and china's
-enter france in the iranian internal affairs. it requires president obama to make that kind of concession, at least verbally, i think the president will go for that. maybe the president thought the key to getting a nuclear deal was to go out of his way publicly to assure the iranian regime, the islamic republic of iran, that we had in fact no business interfering and we are fine with the status quo. what are your thoughts on that? what you think the impact of that would be? >> i actually attended berkeley. [laughter] bat. >> one of the challenges in the international community is if there is some sort of nuclear deal -- the man at the nuclear deal is signed, a new phase of the arms control problem emerges which is called compliance. there is the question of whether the treaty will happen. how do you sustain pressure on other aspects of sirenian miss behavior in light of the nuclear deal? human rights is one and i will come back to that but today, the islamic republic stands convicted criminal lawyer accused, but convicted of terrorism on the american homeland with the conviction of the pl
in this country comes together in france in agreement that avoids this deficit clips that were hanging on. >> from the va -- [inaudible] >> one of the big problems of disability claims that the medical records issue. [inaudible] to improve the medical records. secretary panetta, something that helps to have a better physicalism maybe this service will have a better record of what their problems are. what you do for the people to know, hundreds of thousands of people appending claims no and are being postponed because of the fact that medical records either to history too complicated to come by and prove whether they have a disability. >> i think production demonstrates we are working these cases aren't immediately available to develop them so we have a fully developed claim and can make judgments. we do that better reader than that a million claims a year big challenge for us is to get a million plus and returned coming in the door. that's where the automation system called veterans benefits management system is key to our ability to do with those numbers. we push a million claims that the door an
banks to the ecb. france wants the central bank to have ultimate responsibility. that's not to mention demands from the u.k., sweden, and the netherlands which makes us have stuart richardson, still with us, whether the banking union thing's going to happen. if so, when? >> i think the move toward some sort of banking union is in progress here. it has been -- european, a work in progress. so it would appear that sweden was coming out of thing yesterday, the dave before -- day before, they're not backing the full union. germany wants limited banking union. >> does it matter -- how urgently do we need this in place? >> i think it's one of the key issues that needs to be resolved within the whole european project such as fiscal and political union. i think that the -- if they're going do it, they might as well do it right. as an investor, to me it's not that important for the next one or two months of equity performance, for example. if they don't start to really flesh out what the framework it in the current time frame, i think the market could begin to get disappointed. >> can you actua
his shot of becoming france's president. >>> there has been a huge drop in gas prices. 46 sentcents a gallon. ali velshi says they could even drop more. >> a lot of it depends on what happens to the price of oil and that is going to depend on what happens in the world economy. there are two things happening right now that we need to think about. one is the fiscal cliff and recession in europe if things continue to slow down economically, we'll see less demand for gasoline and if there's more tension in the middle east, we'll see higher prices for oil. so those are two things that could affect the price of oil which will affect the price of gasoline. >> the average price at the pump is now down to $3.38 a gallon. the price of a gallon of gas is something that i have always tracked. it's kind of a game i played with my father. who could play the cheapest gas in town. >>> so what went wrong for republicans on election day? the gop is now planning what some are calling an autopsy with prominent members in charge of trying to pinpoint problem areas. that, next. capella university underst
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